bankruptcy iva
Could i have some advice on a letter from my iva please.?
I have been laid off work and haven’t been able to pay my monthly payments to pay off my debts, which ive gone through an IVA,, The company who im with helping me pay these debts got in contact with my creditors and told them i couldn’t afford to pay them, only 10 pound a month is manageable, and they could put me through bankruptcy. I had to wait 21 days to hear what was going on, and today i got a letter from my iva company and it says that my creditors are not putting me through bankruptcy and my case will be closed in due time. Does this mean they have wiped all my debts or does it mean there going to leave me alone until i find a job? They didn’t state what they mean by my case will be closed?
how many payments have you missed? most IVA’s will allow for three month payment break (to be tagged on at the end) but if you have missed more than this you are in default and either the supervisor of your IVA or the creditors could petition for your bankruptcy, you can also apply for this yourself. Bankruptcy costs approx£500 and there may be funds with your IP to allow for this – check your terms and confditions. In order to answer your question fully I would need to read the proposal and the terms and conditions applicable to you. Why not call the IVA company and ask to speak to the Insolvency Practitioner who will be able to run through all the options available to you. Sorry but I doubt if you can get a more full answer without all the background info.
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